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IIHS - The Safest Cars

IIHS: The Safest Cars of 2024

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The Insurance Institute for Highway Safety’s (IIHS) TOP SAFETY PICK award list is out, and car manufacturers faced stiffer requirements to earn honors in this 2024.

But while IIHS made award criteria tougher for 2024 by introducing revised crash tests and requiring manufacturers to meet higher standards in several areas, 71 models qualified this year, including 22 earning TOP SAFETY PICK+ status. By comparison, 48 models were named TOP SAFETY PICKs in 2023.

In its annual list, the IIHS announces which new models performed best in its evaluations. The list is organized by size and type on the IIHS website.

2024’s TOP SAFETY PICKs

The IIHS awarded winners in 12 categories, from small cars to large pickups.

Among carmakers, several manufacturers stood out:

  • Hyundai Motor Group, which includes the Hyundai, Genesis and Kia brands, earned the most awards overall with 16—six TOP SAFETY PICK+ and 10 TOP SAFETY PICK selections.
  • Toyota Motor Corp., which includes the Toyota and Lexus brands, has the next highest total with one TOP SAFETY PICK+ and 12 TOP SAFETY PICKs.
  • Mazda earned the most TOP SAFETY PICK+ selections with five. The manufacturer also earned one TOP SAFETY PICK.

When it came to auto classification, TOP SAFETY PICK+ awards were bestowed to five models in each of the small SUV, midsize SUV and midsize luxury SUV classes. Additionally, 12 Midsize luxury SUVs earned TOP SAFETY PICK honors.

Four models in the small car class earned TOP SAFETY PICK+ awards, while two midsize cars and one large luxury car earned the distinction. No other class had one.

For the full list of winners and ratings, visit https://www.iihs.org/ratings/top-safety-picks

How Are TOP SAFETY PICKs Determined?

Each year, the IIHS, a nonprofit research and education organization, conducts tests to determine how vehicles fare in two aspects of safety: crashworthiness and crash avoidance/mitigation. It also evaluates other elements of vehicle safety, such as headlight ratings.

IIHS introduced several changes this year to its award criteria intended to encourage automakers to pursue higher levels of safety:

  • A “good” rating in the side crash test is required for either a TOP SAFETY PICK or TOP SAFETY PICK+.
  • Vehicles must earn “acceptable” or “good” in a revised version of the pedestrian front crash prevention evaluation to qualify for either award.
  • Vehicles must earn “acceptable” or “good” in the updated moderate front overlap test, which added a second dummy seated behind the passenger, to qualify for TOP SAFETY PICK+ status.
  • The driver-side and passenger-side evaluations were combined into a single rating.

Award winners must also have “good” or “acceptable” headlights on all trim levels.

Insurance for New—and Used—Cars

Car shopping doesn’t just mean kicking tires and taking test drives. It’s also an ideal time to examine your auto insurance options.

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Comments Off on How to Protect Your Most Valuable Assets: Your Key People
Protect

How to Protect Your Most Valuable Assets: Your Key People

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Most business owners have insurance to protect buildings, vehicles and other important assets, but few consider insuring their greatest asset: their people.

How would your business manage after the death of, say, your lead salesperson, your sole design engineer or your experienced plant manager? How long would it take to fill that position or get someone else up to speed on their projects? How much damage would the loss of a key person cost you financially?

Key Person coverage is a type of life insurance designed to help your business recover from the loss of a person whose role is critical to your success. It’s particularly beneficial to small business owners.

“Many small businesses are started by one or two people and others are added over time to fill skill gaps,” said Derek Holmes, life insurance product manager at Erie Insurance. “Often, the key employees have different strengths than the owner, so replacing those skills and maintaining productivity after a sudden death puts a lot of pressure on the business owner and the business overall. Key Person life insurance can offer some relief.”

Imagine Your Business Without …

“Key persons” can be anyone in your business whose roles, knowledge or performance have a direct effect on the bottom line of the business.

To understand the magnitude of the loss of one of your key people, try this exercise:

  • Make a roster of the leaders of each of your company’s departments – sales, operations, finance, information technology, engineering, etc.
  • Document each person’s financial impact on your company’s monthly and annual revenue. For some roles, like sales, the financial contributions are easy to track; for others, think in terms of the financial effects of efficiency, intellectual property and other value they add. Assign dollar figures to these contributions.
  • Capture the estimated time it would take to find a replacement for that position and train them to an acceptable level of performance. Is it days, weeks, months or years? Time is money.

By quantifying the value that these leaders bring to your organization, you will gain an objective view of the risks that exist and the extent of Key Person coverage you may want to consider.

Funds from a Key Person claim can help reduce some of the financial burden of a personnel loss. If the business fails as a result of the death, the Key Person funds can be used to cover other employee severance, pay outstanding bills or provide a buffer as the business owner transitions to a new endeavor.

Does Key Person Coverage Come ‘Standard?’

Because Key Person coverage is a form of life insurance, business owners have options.

Term insurance might be ideal to cover a key person who is older and may be closer to retirement. A 10-year term policy may provide adequate coverage as you work to identify a successor.

For younger key people, you may want to consider whole life insurance, which can extend for multiple decades and sometimes at higher benefit levels.

By talking to an Erie Insurance agent, you may discover additional combinations to match your business needs, such as Guaranteed Insurability Option riders, which allows for purchase of additional coverage regardless of changes in their health.

“During your next commercial insurance review with your ERIE agent, talk about business continuation and Key Person coverage,” said Derek. “You’ve worked hard to build your business – it’s important to take the necessary steps to have insurance in place to keep it going.”

Enjoy the feeling of a future that’s well-planned and protected. Speak with a local ERIE agent today to learn more about Key Person coverage and other business continuation options.

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Life Insurance

Protecting Your Family with ERIExpress Life

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You’ve covered the electrical outlets, read the reviews for every crib, and learned more about car safety ratings than you ever wanted to know. We all go to great lengths to protect our families, but what about getting life insurance? With ERIExpress Life, protecting your family’s financial future has never been easier.

Keep reading to see why ERIExpress Life could be the perfect fit for your life insurance needs.

Who Needs Life Insurance?

If you have people who depend on you, you need life insurance. Even though it’s hard to think about a day when you might not be there for your family, it’s important to plan for.  Life insurance1 can help your loved ones with expenses like:

  • Mortgage or rent
  • Auto loan or other debts
  • Medical bills
  • Education costs
  • Final expenses

What is ERIExpress Life?

ERIExpress Life is the easy-to-get, easy-to-afford life insurance that gives you the protection you need with a simple application process, no physical medical exam2 and a faster approval time.

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Comments Off on 12 Creative Ways to Support Your Local Businesses
Winston-Salem Businesses

12 Creative Ways to Support Your Local Businesses

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From your favorite lunch spot to that funky art gallery, our local small businesses are a beloved part of what make our hometowns feel like home. We rely on them daily – and they need us, too. If you’ve got a little extra to spare these days, here’s how you can help out your local small businesses.

How to Support Local Businesses Anytime of Year

  1. Buy local whenever you can. When it comes time to stock up on pantry staples, think about supporting that mom-and-pop shop first. The American Independent Business Alliance (AMIBA) has fascinating data about how locally owned businesses generate larger “local economic multipliers.” Your support might make a bigger impact than you think.
  2. Order takeout or delivery from your favorite local restaurants. Extra perk: No dishes.
  3. Buy gifts for friends or family. Is it crazy to think about starting your holiday shopping in the spring? You’ll thank yourself later – and, hey, it’s something to pass the time! (Read our list of tips for safe online holiday shopping.)
  4. Leave a generous tip. Servers and bartenders rely on tips. If you have it to spare, throw a few extra dollars their way. (And don’t forget to tip the delivery driver!)
  5. Buy merch or other gear. We get it – you can only order so much takeout, especially if you’re not getting your usual number of steps in. Think about buying a coffee mug, T-shirt or ball cap to show some local love.
  6. Buy some cool art. Websites like Etsy make it easy to search by location and find artists in your community. Some local artists might be doing “draw-alongs” or other livestreams. Add them to the list of folks who would appreciate a digital tip, too. (Keeping the kiddos occupied with art projects of their own? Read our list of 5 stylish ways to display children’s artwork.)
  7. Leave a positive review. If you’re short on cash, boosting a local place’s reputation is worth its weight in gold. While you’re at home, type up a couple good comments for your favorite spots to leave on social media or search engines.
  8. Check with your local chamber of commerce or small business association. Local groups might be planning events, discounts, or promotions unique to your area. Get connected and see what’s happening in your neighborhood.
  9. Pay it forward. If you’re fortunate to have some steady cash flow right now, remember that others might not. Consider treating the next person in line behind you – or making a donation to a charity that helps the less fortunate in your community.
  10. Buy gift cards or gift certificates. Stock up now and treat yourself to a night on the town. For places you rely on regularly – for example, your hair salon – buy an extra service or two now if you can, since you know for sure you’ll use it in the months ahead.
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Comments Off on Choosing Cybersafe Toys this Holiday
Smart Toys

Choosing Cybersafe Toys this Holiday

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As the holiday season approaches and children build their wish lists, smart toys may be at the top.

In fact, by 2027, the smart toy market is expected to exceed $24 billion.

You may not have thought about it, but internet-connected toys typically have a built-in microphone and speaker and can potentially expose children and others in their household to data or identity theft.

How Smart are Smart Toys?

According to the Federal Trade Commission, smart toys run the risk of being accessed by criminals, just like any smart device.

So, while they are educational and fun for kids, do a little research first to help bring some peace of mind.

What should you know about the toy?

  • Conduct a quick internet search. Look for any articles or complaints regarding security or privacy issues. Using terms such as “toy name” + “privacy” will yield results.
  • Research security updates by searching “toy name” + “firmware” or “software” update. See what results pop up and if there’s an option to update the software or information about released updates. Without this page, the company might not issue regular software updates, which could leave it vulnerable to security breaches.
  • See what watchdog and safe harbor groups have to say. Reviews and recommendations are common for children’s toys.

What features should you understand?

  • Know what the microphone and speaker will be doing within the toy. Does it communicate back to the child and answer questions? Does it record? How long does it hold onto a recording? Be cautious about the data provided. It is essential to carefully review the terms, conditions and privacy policies to understand how the data collected will be used and protected.
  • Determine the usage of Bluetooth on the toy. What does the Bluetooth connection do? Is there a PIN associated with it? Without a PIN, the Bluetooth connection can be accessed by anyone and monitored to find vulnerabilities. With a PIN, the connection is essentially locked, and other devices cannot access it.
  • Understand what data is being accessed by the pairable app. Does it need access to an email or credit card? Does it connect to social media accounts? Does it require access to the photo gallery?
  • Look for parental controls. Are there parental controls within the app or toy? How can a parent manage data and its use?

Add Some Extra Protection

At ERIE, there’s a coverage to help people recover from identity theft should it ever occur in your home.

Parents can add Identity Theft Recovery coverage to their homeowners or renters policy as an additional precaution.

“With Erie Insurance’s Identity Theft Recovery coverage, a customer would have access to their very own case manager who can help them take care of the many time-consuming tasks that have to be done to restore a person’s credit following identity theft, such as contacting credit bureaus and writing letters to governmental bodies like the Social Security Administration,” said Michelle Tennant, ERIE’s vice president of Home Products. “The coverage also pays some of the costs associated with identity theft, which may include not only lost wages but also filing fees for reapplying for loans or other types of credit, certain legal fees and more.”

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Comments Off on What is Long-Term Care Insurance?
Long Term Care

What is Long-Term Care Insurance?

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It’s not something you want to think about, but most of us will need long-term care at some point in our lives. In fact, according to the U.S. Department of Health and Human Services (HHS), once a person reaches age 65, they have almost a 70% chance of needing some type of long-term care services in their remaining years.1

The need for care may develop suddenly after a major health event like a heart attack, stroke or injuries from a car accident. Or it could develop gradually as you age. Either way, planning ahead with a long-term care policy from ERIE FAMILY LIFE INSURANCE COMPANY can help protect you and your family from the high costs of long-term care.

Wondering whether long-term care insurance is right for you? Here are answers to some of the most common questions about long-term care insurance.

What is Long-Term Care?

The phrase long-term care is an umbrella term used to describe a wide range of services that are necessary to meet someone’s health or personal care needs over an extended period of time.

These services could be medical, such as care provided through home health care or a nursing home. But long-term care services can also assist people with normal daily activities, such as dressing, bathing and using the bathroom. It can even include community services such as meals, adult day care and transportation services.

What is Long-Term Care Insurance?

Assistance with either medical or personal care needs comes with a cost. According to HHS data, the average home health aide costs about $20 an hour and a private room in a nursing home runs an average of $7,968 each month.2

Long-term care insurance is designed to help you cover costs such as these. It makes money available to pay for the personal care you need, including assisted living, home health care or a long-term care facility.

Does Medicare Cover Long-Term Care?

Medicare is designed to cover medically necessary care for people age 65 and older, such as hospital stays and doctor visits. But aside from short nursing home stays following a hospitalization or services specifically prescribed by a doctor, most long-term care is considered “custodial care.” That means it won’t be covered by Medicare or private health insurance – potentially leaving you 100% responsible for the bill. Medicaid may provide limited long-term care resources, but only after all your personal assets have been depleted.

How Much is Long-Term Care Insurance?

There are several types of long-term care insurance available on the market. You can buy a standalone long-term care insurance policy, but this coverage can be expensive and require substantial underwriting.

At Erie Family Life Insurance Company, we offer what’s called a long-term care accelerated death benefit (LTC) rider3 as an optional add-on to qualifying Whole Life insurance policies. This rider allows your life insurance to provide financial support if you need hands-on daily care from a nurse or a health aide for long periods of time.

In many ways, this coverage offers the best of both worlds: financial security for your family if you pass away, and protection from the high costs of long-term care if you need it. When you add a LTC rider to a Whole Life policy, you’ll have the convenience of working with one company and paying one premium. Both our Whole Life and Long-Term Care premiums are guaranteed and will not increase. And because it’s an add-on to your life insurance, this valuable coverage may cost less than you think.

How Does Long-Term Care Insurance Work?

At Erie Family Life, our long-term care rider keeps you in the driver’s seat by providing flexible access to a portion of your policy’s death benefit when you need it.

Here’s how it works:

  • A licensed health professional certifies your eligibility for long-term care benefits under the policy.
  • You choose a monthly distribution of 2, 4 or 8 percent of the policy death benefit (must be at least $1,000).
  • Erie Family Life sends a check each month to use as you see fit.

You can collect monthly payments as long as you meet the eligibility criteria as laid out in your policy.4

What Are the Eligibility Requirements for Long-Term Care Insurance?

Under our long-term care rider, your benefits are triggered when a licensed health professional5 certifies that you are unable to complete at least two activities of daily living independently, such as bathing, dressing, eating, using the bathroom or moving in or out of a bed.6

What Does Long-Term Care Insurance Cover?

With a long-term care rider from Erie Family Life, you’ll have the flexibility to use your money for what you need, as long as you continue to meet the eligibility criteria outlined in your policy. You can use your benefit to pay for anything from home health care and meal deliveries to an assisted living, adult day care or skilled nursing facility. We’ll send your check each month without strings attached – no expenses to qualify or receipts to submit.

Are Long-Term Care Benefits Taxable?

Generally, any payments made from your long-term care insurance policy will not be taxed as income. But because tax laws vary from state to state, you should consult a tax attorney or accountant to make sure.7

Is Long-Term Care Insurance Worth it?

Like any type of insurance, determining whether long-term care insurance is “worth it” will depend on your personal financial situation. We’ve already established that 70% of older adults will need some type of long-term care during their lifetime1 – and that out-of-pocket expenses may vary depending on if you have a long-term care plan and what it covers.8 So unless you’ve built up a significant net worth and can comfortably afford to finance your own long-term care, you’ll likely find long-term care insurance to be well worth the investment.

Protection That’s There When You Need it

Life insurance is about making sure your family is taken care of when you’re gone. But Erie Family Life’s long-term care rider can take care of you while you’re here, too. Call your local ERIE agent today to get a no-obligation quote, and learn how planning now can help protect your family from the high costs of long-term care later.

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